The pair closed in NY Wednesday at $1.6792 after rate had jumped from around $1.6730 on release of perceived dovish Fed Minutes which spiked rate up to $1.6800. This reactive rally slightly lagged euro-dollar and allowed euro-sterling to extend its corrective recovery to stg0.8256, closing Wednesday’s session around stg0.8250. Cable marked lows in opening Asian trade at $1.6789 before it picked up fresh demand that lifted it back to retest Wednesday’s high. Release of stronger than forecast UK RICS house price balance provided the added boost, along with reaction to strong Australian jobs data, to push the rate on to an extended high of $1.6821. However, offers placed into the 2014 high at $1.6823 (Feb17; high since Nov 2009) provided the counter which allowed rate to dip back under $1.6800. The rate was last trading around $1.6800 ahead of the European open. Traders report that offers remain in place to$1.6825 with talk of decent sized stops placed through $1.6825/30. A break to open a move toward $1.6840/50. Support $1.6785/75. Euro-sterling extended its corrective pullback in Asia to stg0.8242. BOE rate announcement at 1100GMT the domestic interest, though no change widely expected
